Published on 10/6/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $21.46 million callable contingent coupon notes on Russell, Stoxx, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – Barclays Bank plc priced $21.46 million of callable contingent coupon notes due Oct. 8, 2025 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 14.3% if each index closes at or above its coupon barrier level, 70% of its initial level, on every trading day during the observation period.
The notes will be callable in whole at par plus any coupon due on any quarterly call date after six months.
If the notes are not redeemed early, the payout at maturity will be par plus any final coupon otherwise due if each index’s final value is greater than or equal to the 65% final barrier level. Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
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Amount: | $21.46 million
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Maturity: | Oct. 8, 2025
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Contingent coupon: | 14.3% per year, payable quarterly if each index closes at or above coupon barrier on every trading day during the observation period
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Price: | Par
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Payout at maturity: | Par plus any final coupon otherwise due if each index finishes at or above final barrier level; otherwise, full exposure to decline of least performing index from its initial level
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Call option: | In whole at par plus any coupon due on any quarterly call date after six months
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Initial levels: | 3,678.43 for S&P, 3,342.17 for Stoxx, 1,708.87 for Russell
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Coupon barriers: | 2,574.9 for S&P, 2,339.52 for Stoxx, 1,196.21 for Russell; 70% of initial levels
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Final barrier levels: | 2,390.98 for S&P, 2,172.41 for Stoxx, 1,110.77 for Russell; 65% of initial levels
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Pricing date: | Oct. 3
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Settlement date: | Oct. 6
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06748XV40
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